Nason Yeager represented Self Storage Coolidge St Hollywood, LLC, a joint venture between Rosemurgy Properties and Sentry Self Storage, in connection with securing construction financing in the amount of $10.4 million from BB&T for the construction of an approximately 121,000 square-foot (approximately 870 storage units) climate controlled self-storage facility project to be constructed at 2060 Coolidge Street in Hollywood, Florida.
Once completed, the self-storage facility will initially be managed and operated by Sentry Self Storage. Brian Hickey and Adam Gutin, a shareholder and senior associate, respectively, with the firm’s real estate practice group, represented Self Storage Coolidge St Hollywood, LLC through the loan negotiation process, which legal work included negotiating a term sheet, commitment letter, promissory note, construction loan agreement and various other customary loan documents, as well as the preparation of certain related entity documents.
The team of Hickey and Gutin had also represented Sentry Deerfield Beach, LLC, another joint venture between Rosemurgy Properties and Sentry Self Storage, in connection with the venture’s acquisition of real property in Deerfield Beach, Florida and securing of related construction financing for the conversion of an existing building into a two-story climate controlled self-storage facility containing approximately 93,163 square feet (approximately 726 storage units), which has now been completed.
“We were excited to once again have the opportunity to work with Self Storage Coolidge St Hollywood, LLC, and the related principals of both Rosemurgy Properties and Sentry Self Storage on another self-storage facility project,” Hickey said. “Having established relationships with many of the principals involved in this venture that span many years, combined with the first-hand knowledge gained by us representing the venture in connection with its initial acquisition of the land on which the project will be constructed, we were able to rely and build upon these relationships and knowledge to help facilitate an efficient and successful construction loan closing.”